Which of the following is false?
A. Keynes believed that the economy was basically unstable.
B. The classical economists believed that full employment was a "rare occurrence".
C. Keynes argued that the expected rate of profit was the most important factor in determining the level of investment demand in an economy.
D. The classical economists used the laws of supply and demand to prove the validity of Say's Law.
B. The classical economists believed that full employment was a "rare occurrence".
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The income elasticity of demand is the percentage change in ________ divided by the percentage change in ________
A) the price; income B) the quantity demanded; income C) income; the quantity demanded D) income; the price
The per worker production function shows the relationship between
A) the labor force and the capital stock. B) the supply of labor and the population. C) the hours worked and the number of workers. D) real GDP per worker and capital per worker.